H.R.4744 - E-Verify Loan Origination Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Marchant, Kenny [R-TX-24] (Introduced 03/03/2010)|
|Committees:||House - Financial Services|
|Latest Action:||03/03/2010 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Housing and Community Development
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Summary: H.R.4744 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (03/03/2010)
E-Verify Loan Origination Act of 2010 - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Act (Freddie Mac) from purchasing a single-family housing (1-to-4 family residence) mortgage unless the identity and work eligibility of the mortgagor has been confirmed by an inquiry made through the basic pilot E-Verify program under the Illegal Immigration Reform and Immigrant Responsibility Act of 1996. Permits the lender, Fannie Mae, and Freddie Mac to submit such inquiries.
Amends the National Housing Act to prohibit the Secretary of Housing and Urban Development (HUD) from insuring any single-family housing mortgage unless the identity and work eligibility of the mortgagor has been confirmed by an inquiry made through the basic pilot E-Verify program. Permits the lender and the Secretary to submit such inquiries.